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• The Board invested $1,851,306 in capital assets for the completion of the Mebane store and <br /> furniture, fixtures and equipment related to the Mebane and Southern Village stores <br /> • Notes payable ($2,654,679) increased $486,280 (22.43%), due primarily to inventory growth <br /> related to the new stores. <br /> • Net position increased$1,205,540,down-$748,373 (38.30%)from the previous year's unusually <br /> high ($1,953,913) growth, due primarily to the Board's decisions to pay off the BB&T/Truist <br /> debt and finance only the money necessary to pay the builder for the construction of Store 004. <br /> All other expenses for Store 004 -furniture, fixtures, equipment, architect, engineering, permits <br /> etc.-were paid by the Board using retained earnings from previous fiscal years. <br /> I <br /> Discussion was held, Mr. Williamson made a motion to approve the audited financial statements as <br /> prepared, Mr. Zito seconded the motion and the vote carried. <br /> Consent Agenda: September 2023 <br /> a. Financial Reports: <br /> i. Comparative Statement of Net Assets <br /> ii. Comparative Revenue and Expenses for September <br /> iii. Actual to Budget Comparison <br /> b. September 2023 and Year to Date Retail and LBD Sales <br /> c. Statewide Sales Report for September 2023 <br /> Discussion was held, Mr. Williamson made a motion to approve the consent agenda, Mr. Zito seconded <br /> the motion and the vote carried. <br /> i <br /> Management Updates: <br /> • Law Enforcement Reports were presented <br /> • Staff continues to evaluate grant management companies for streamlining the grant process <br /> • 90Degree was hired for redesign of the OC ABC website <br /> • Staff is evaluating current banking relationship and meeting with additional banks <br /> • Air ducts were cleaned as well as air quality tests performed at the #IHillsborough and#6 Eno <br /> retail locations <br /> • A bourbon steward class was held on 9/24/23, 18 employees attended class <br /> • Single Barrel and Sale Item pictures were presented <br /> • Additional exterior lights are being installed at#2 Rams Plaza, #4 Mebane and#7 Carrboro retail <br /> stores <br /> i, <br /> Board Comments: <br /> All board members expressed appreciation to the staff on the audit presentation. Mr. Burns thanked the j <br /> county commissioners for hosting the volunteer presentation. <br /> Ils. Carter made a motion to adjourn, Mr. Williamson seconded the motion and the vote carried. <br /> i <br /> 2 3 <br /> Chair's Signature and Date <br /> i <br />